Motco added 3.0% to its stake in Microchip Technology Incorporated (NASDAQ:MCHP — Get Rating) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 114,465 shares of the semiconductor company after purchasing an additional 3,346 shares during the period. Motco’s holdings in Microchip Technology were worth $6,986,000 at the end of the last reporting period.
A number of other hedge funds have recently added to or reduced their holdings in MCHP. Panagora Asset Management Inc. increased its holding in Microchip Technology stock by 31.8% during the first quarter. Panagora Asset Management Inc. now owns 21,731 shares of the $1,633,000 semiconductor company after purchasing an additional 5,237 shares during the period. Cibc World Market Inc. increased its holding in Microchip Technology stock by 292.9% in the first quarter. Cibc World Market Inc. now owns 44,324 shares of the semiconductor company, valued at $3,331,000, after purchasing an additional 33,044 shares during the period. Vontobel Holding AG increased its holdings of Microchip Technology shares by 4.1% in the first quarter. Vontobel Holding Ltd. now owns 29,572 shares of the semiconductor company, valued at $2,259,000, after purchasing an additional 1,159 shares during the period. Sequoia Financial Advisors LLC increased its holding in Microchip Technology stock by 34.1% during the first quarter. Sequoia Financial Advisors LLC now owns 4,455 shares of the semiconductor company, valued at $335,000, after purchasing an additional 1,133 shares during the period. Finally, Loomis Sayles & Co. LP increased its holding in Microchip Technology stock by 1,272.4% during the first quarter. Loomis Sayles & Co. LP now owns 326,717 shares of the semiconductor company valued at $24,550,000 after purchasing an additional 302,910 shares during the period. 89.85% of the shares are owned by institutional investors and hedge funds.
Price performance from Microchip Technology
Shares of MCHP opened at $72.40 on Friday. The company has a market cap of $39.82 billion, a price-to-earnings ratio of 21.94, a PEG ratio of 0.81 and a beta of 1.59. The stock has a 50-day moving average of $73.80 and a 200-day moving average of $67.89. The company has a current ratio of 1.05, a quick ratio of 0.65 and a debt-to-equity ratio of 1.03. Microchip Technology Incorporated has a 52-week low of $54.33 and a 52-week high of $80.50.
Microchip Technology (NASDAQ:MCHP – Get Rating) last released its quarterly earnings data on Thursday, November 3rd. The semiconductor company reported earnings per share (EPS) of $1.39 for the quarter, beating analyst consensus estimates of $1.37 by $0.02. Microchip Technology had a return on equity of 47.90% and a net margin of 24.14%. The company had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.06 billion. As a group, analysts are forecasting that Microchip Technology Incorporated will post 5.66 EPS for the year to date.
Microchip Technology increases dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, December 6th. Registered investors received a dividend of $0.328 per share on Tuesday, November 22nd. The ex-dividend date of this dividend was Monday November 21st. That equates to a dividend of $1.31 on an annualized basis and a yield of 1.81%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.30. Microchip Technology’s payout ratio is currently 40.06%.
Wall Street analysts forecast growth
MCHP has been the subject of a number of research reports. Citigroup raised its target price on Microchip Technology to $74.00 from $62.00 and gave the stock a “neutral” rating in a report on Wednesday. StockNews.com began reporting on Microchip Technology on Wednesday, October 12th. They give the stock a “buy” rating. Wells Fargo & Company lowered its target price on Microchip Technology to $65.00 from $75.00 and gave the stock an “equal weight” rating in a report Tuesday, October 11. Credit Suisse Group issued a report on Microchip Technology on Tuesday, November 15th. They put a “neutral” rating and a price target of $85.00 on the stock. Finally, Morgan Stanley lowered its target price on Microchip Technology to $80.00 from $82.00 and gave the stock an “overweight” rating in a report on Friday, November 4th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average price target of $84.10.
Insider activity at Microchip Technology
In related news, Director Karlton D. Johnson sold 927 shares of the company’s stock in a transaction that took place on Monday, November 7th. The stock sold at an average price of $64.54 for a total transaction of $59,828.58. Upon completion of the transaction, the Director now owns 1,369 shares of the Company, valued at approximately $88,355.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. Insiders own 2.00% of the company’s stock.
Company Profile of Microchip Technology
Microchip Technology Incorporated designs, manufactures and sells intelligent, connected and secure embedded control solutions in North and South America, Europe and Asia. The company offers general-purpose 8-bit, 16-bit and 32-bit microcontrollers; 32-bit embedded microprocessor markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power, motor control, human-machine interface, security, wired, and wireless connectivity applications.
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